Israeli hotel company, Fattal Hotels, together with a consortium of international investors has signed a binding agreement to acquire the entire share capital of the Queens Moat Houses.
Queens Moat Houses maintains a portfolio of hotels that presently consists of 20 hotels, 15 of them Holiday Inns, four Best Western Hotels and one Queens Hotel.
The properties are located in Berlin, Munich, Düsseldorf, Frankfurt, Cologne, Hamburg, Heidelberg, Wolfsburg, Hanover, Baden-Baden, Aachen, Mönchengladbach and Karlsruhe.
The portfolio comprises approximately 3,600 rooms, 28 bars and 29 restaurants as well as 154 conference rooms with a total area of 9,675 square meters.
“The investment is in line with our expansion plans - the hotels complement our existing Leonardo chain of hotels perfectly.
“We still want to continue to grow and are negotiating further projects in major cities in Europe,” explained David Fattal, chief executive of Fattal Hotels/Leonardo Hotels.
With this new portfolio, Fattal Hotel Group grows to 85 hotels with over 16,000 rooms.
Some 54 hotels and 8,449 rooms are located in Europe (Austria, Switzerland, Belgium, Hungary and Germany) and 31 hotels with 7,600 rooms are located in Israel.
Following the QMH Germany portfolio acquisition, Fattal Hotels will be managing 45 hotels in 20 cities in Germany.